Ann: Investor Presentation, page-5

Linibini
Don't disagree with you on price seems reasonable, but couple of further comments:
- they indicate that marketing expenses will return to normal which in CY2019 was 2m higher than CY2020
- so if we normalise earnings, we add back ~8m in higher costs which brings down NPBT to 17m, NPAT to ~12m and EPS of ~12.9c. As I said, still looks like decent value given PE of ~8.

What would be helpful is to see breakdown of what was the driver for the higher CY2020 sales and the margins on that, and also what the Jan/Feb sales trend is. What seems to have happened since CY2016 and CY2020 is that Gross margins seem to have dropped ~100bp, so it would also be useful to get some commentary around this.
CY2018 & CY2019 were pretty poor, so it would be helpful for mgmt to say how much of this growth is one off vs sustainable based on sales they are seeing this quarter